Did Joe Biden Just Hand the Election to Trump?

This is here to stay

Did Joe Biden Just Hand the Election to Trump?

I’ve lived in America for 37 years. And one thing I’ve learned about my fellow Americans is that we love our freedom.

Any time you tell us we can’t do something. Well guess what?

We will find a way to do it.

Anyone who has spent any amount of time around Americans knows this to be true. So, you’d think a politician who has spent the last 51 years of his life in U.S. politics would’ve figured that out.

That’s why I was shocked when President Biden chose to ignore the financial freedom of 50 million American crypto holders by vetoing the repeal of Special Accounting Bulletin (SAB) 121.

As a quick reminder, SAB 121 is a special accounting bulletin put forward by the Securities and Exchange Commission (SEC) that effectively bars banks from holding crypto assets on behalf of their clients.

Let me be clear…

I’m not talking about banks taking positions in crypto for their own benefit. I’m talking about them simply holding crypto on behalf of their clients.

This type of business is called “custody” and it’s risk free. Yet SAB 121 makes it so that if a bank wishes to hold crypto assets for a client… the bank must post an equal amount of collateral from its own balance sheet

(I’ve discussed this SAB 121 in detail right here.)

This is an insane request when the bank is taking no investment risk. This standard is only being applied to crypto assets and has been clearly designed to slow the adoption of crypto by the U.S. financial system.

This isn’t the first time we’ve seen governments and organizations stand in the way of progress.

The Luddites were members of a movement of English textile workers who opposed machines. They became well-known during the 19th century for smashing mechanized looms they believed threatened their jobs.

Hence, “Luddite” became a term used to describe people who opposed new technologies.

We saw this happen at the turn of the 20th century against the automobile. Thousands of people didn’t want to trade in their horses for “horseless carriages.”

Some cities passed “red flag” laws that required a person to walk in front of cars waving a red flag. But eventually, those naysayers adopted the automobile. And companies like Ford and General Motors became industry giants.

Today, there are still Luddites on Capitol Hill. These politicians call for greater regulation of crypto to protect consumers and prevent crime.

Now, I’m sure some politicians sincerely believe this.

But I believe the real reason they oppose crypto is because they see it as a threat to their control over the money supply.

Here’s why:

When there are no other options, governments can print and spend money at will. And the people just have to deal with their dollars buying less and less goods.

But with an asset like bitcoin, people now have a way to opt out of the dollar debasement system that has seen the buying power of the U.S. dollar drop by 98% over the last 50 years.

Politicians are concerned (and rightly so) that once people get a taste of real, sound money like bitcoin… The demand for assets that lose value over time such as fiat currency (paper money) and government bonds will diminish.

Friends, I know it’s disappointing to see the President veto this legislation.

But I want you to know this…

This is just a temporary setback. The genie is out of the bottle. And just as crypto won over Wall Street, I believe it’ll eventually win over Washington, too.

President Biden’s veto Is a Temporary Setback

Despite this small setback, crypto is moving forward.

Just this year alone, we’ve seen the SEC approve spot exchange-traded funds for both bitcoin and Ethereum. This was once unthinkable a few years ago.

We also saw one of the largest state pension funds – the State of Wisconsin Investment Board, which manages $156 billion – allocate $164 million to bitcoin. This was also an unthinkable outcome for most folks.

Now that Wisconsin has made its move, I expect countless more pension funds to follow their lead.

Friends, bitcoin adoption has reached escape velocity. No amount of government interference can stand in the way of bitcoin and crypto assets taking hold among American investment portfolios.

That’s why I say this setback is temporary.

Crypto now has powerful allies in the form of investment firms like Blackrock, Fidelity, and massive pension funds. As well as 50 million American voters.

Washington will have no choice but to accept the inevitable… Crypto is here to stay.

Since I started recommending crypto in 2016, I’ve repeatedly said that if the government wanted to ban bitcoin… It would have had to do it in the very early days of bitcoin adoption.

That’s when it was small and insignificant. But now, it’s too late. Too many people own it. Millions of people now have a vested interest in seeing it work. Big Money is going all in on this asset class.

With that much weight behind crypto, we’ll see a huge new lobby spring up. So it’s only a matter of time before Washington joins the bandwagon.

Remember, bitcoin is owned by Democrats, Republicans, young, old, conservative, liberal. Regardless of your income, political affiliation or background… it’s an escape hatch from the traditional financial system.

Bitcoin is an asset people can unify around – even those who may differ politically. So, it’s possible we’ll see an entirely new voting bloc based on bitcoin adoption.

Politicians won’t be able to disenfranchise a group that large and expect to maintain political power.

Friends, I’ve always known as long as bitcoin could get beyond a certain point… It would be unkillable. And in my opinion, we’re far beyond that point.

So don’t worry about the latest veto. The crypto industry now has the lobbying power and capital of Wall Street on its side. This is just a speed bump on the road to mass adoption.

Let the Game Come to You!

Big T

P.S. Friends, I have a favor to ask you. At 8 p.m. ET on June 26, I’m hosting my first big event since striking out on my own to launch Digital Asset Daily.

The broadcast is called The Next 500x Coin.

During this special broadcast, I’ll reveal what I believe is the hottest subsector of the crypto markets today.

I’m letting you know a few weeks ahead so you can arrange to be there.

So please do me a favor: Hit reply to this email so I can get an estimate of how many people will be attending. Nearly 1,000 people have already RSVP’d and I want to make sure there’s room for everyone.

Thanks, and I’ll see you on Wednesday, June 26, at 8 p.m. ET.

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